I do not think this is a good strategy. Wait can fail. BTW, on some plans the duration of wait is limited.
The better strategy would be to keep a record of actions (using e.g. status for every entry or next step to do along with the action date), and then a build a process that would scan the registry daily and perform actions accordingly. This way you will also be able to watch the progress.
But this is an altogether different topic. I’d recommend to start a new one for this discussion to not confuse the future readers.
Yes, the Wait would block the workflow in its entirety.